The comparative financial statements of Lomax Cosmetic Supply for 2018, 2017, and 2016 include the data shown here:

Read the requirements.

1.) Compute these rations for 2018 and 2017:

a.) Acid-test ration (Round to two decimals.)

b.) Accounts receivable turnover (Round to two decimals.)

c.) Days' sales in receivables (Round to the nearest whole day.)

2.) Considering each ratio individually, which ratio improved from 2017 to 2018 and which rations deteriorated? Is the trend favorable or unfavorable for the company?

P8-34A (similar to) Question Help The comparative financial statements of Lomax Cosmetic Supply for 2018, 2017, and 2016 include the data shown here EEB (Click the icon to view the comparative financial data.) Read the requirements. Requirement 1a. Compute the acid-test ratio for 2018 and 2017. (Round to two decimals.) (Abbreviations used: Cash invest = short-term investments. Round the acid test ratios to two decimals, X. X.) Cash including cash equivalents, ST Acid-test ratio 2018 2017 Choose from any list or enter any number in the input fields and then click Check Answer Clear All Check Answer remaining